Vault Minerals Inc. - Press Releases - Vault To Raise $300,000

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TSX.V : VMI

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	Tue May 17, 2005 Vault To Raise $300,000
	Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) intends to raise gross proceeds of up to $300,000 by way of a non-brokered private placement to arm's-length subscribers. The financing will consist of up to 2,000,000 units at a price of $0.15 per unit with each unit comprising one common share and one half, non-transferable, share purchase warrant. Each whole share purchase warrant will be convertible into one common share at an exercise price of $0.25 at any time up to one year from closing. It is anticipated that no commissions or finder's fees will be payable in respect of the moneys raised. The closing of the private placement will be subject to certain conditions, including approval of the TSX Venture Exchange, and it is anticipated that the securities, when issued, will be subject to a trading restriction of four months from the date of issuance. Vault intends to use a portion of the proceeds to fund exploration on its recently-acquired Kirkland Gold Property as well as for general working capital. About Vault Vault Minerals Inc. is an Ontario-based, junior natural resource company involved in exploration for gold and diamonds in northeastern Ontario. The Company's current focus is the undeveloped Kirkland gold property which lies immediately adjacent to the historic Lake Shore and Wright-Hargreaves mines which collectively produced over 13 million ounces at a mining grade of approximately 0.50 oz/ton. Its Attawapiskat diamond property is optioned to Diadem Resources Ltd. and its Lebel gold property is optioned to Placer Dome (CLA) Limited. The Company's capital consists of 14,820,468 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'. On behalf of the Board of VAULT MINERALS INC. "Andy Chater" Andrew M. Chater, P.Geo President & CEO For additional information, please visit our website at www.vaultminerals.com or contact: Dan McCormack, Director 21 Goodfish Road Kirkland Lake, Ontario P2N 3H7 Phone (705) 567 4511 Fax (705) 567 6873 Email info@vaultminerals.com Andy Chater, President & CEO Suite 711 -- 25 Adelaide Street East Toronto, Ontario M5C 1Y2 Phone (416) 360 1985 Fax (416) 360 7193 Email info@vaultminerals.com "The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

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